Harmony (ONE)
Last Updated 11/07/2021
Official website: https://www.harmony.one/
What is Harmony (ONE)
Harmony is a blockchain platform that provides cross-chain compatibility and infrastructure to decentralised applications (dApps). Its design has been built around the creation and use of dApp projects, and has facilitated cross-chain asset transfers with Ethereum, Binance and other blockchains.
Phrased by Vitalik Buterin as The Blockchain Trilemma, Harmony (ONE) addresses the challenges in building a blockchain that is scalable, decentralised and secure — without compromising on any features and services.They achieve this dividing both the network nodes and the blockchain state into 'shards'. By immplementing this innovative sharding process, the platform reduces node validation speed significantly.
"We divide not only our network nodes but also the blockchain states into shards, scaling linearly in all three aspects of machines, transactions and storage".
Harmony introduced the Verifiable Random Function (VRF) for unbiased shard membership and contribution, resulting in randomly assigning and reassigning nodes and validators to ensure a secure and randomised validation process. This adaptive consensus mechanism is referred to as an Effective Proof-of-Stake (ePoS). This came as a response to and builds upon Zilliqa's (ZIL) Practical Byzantian Fault Tolerance (PBFT) concensus mechanism. By introducing a distributed randomness generation (DRG) protocol, Harmony (ONE) are able to lessen centralisation, while still enabling stake delegation, reward compounding and double-sign slashing. Harmony refer to their solution as Fast Byzantine Fault Tolerance (FBFT).
The ecosystem adopted the philisophy of "decentralisation at scale", targeting and proposing solutions for data sharing and the creation of fungible and non-fungible token (NFT's) decnetralised marketplaces. Supply-chain tracking, ad exchanges, credit rating and loyalty points and gaming are just some of the additional services and products Harmony promises to investors.
Since June 2019, the network has produced over 30 Million Blocks and finalised over 450k transactions in publicly traded native ONE tokens.
Davinci Gallery is Harmony’s Non fungible token (NFT) art marketplace for assets and collectibles, which already has over 1000 artists using the platform as well as attracting some mainstream partnerships. The marketplace offers content from a range of mediums including paintings, virtually generated art, music and more. Thousands of NFTs have already been minted with even more being sold all using Harmony (ONE) native token as payment. Multiple collaborations with Animoca Brands are planned to launch on the Harmony network, who have also recently purchased Quidd, which is a Sequoia-backed digital collectible startup.
Team
Founder and CEO of Harmony (ONE) Stephen Tse, has 15 years’ experience as a coder as well as a vast array of experience in the technology industry. He has experience occupying positions in research for Microsoft, and was a senior algorithm engineer for Google and Apple. He graduated with a doctoral degree in security protocols and compiler verification from the University of Pennsylvania.
Rongjian Lan is another founding team member at Harmony (ONE), who previously worked as an infrastructure engineer for Google's Play Store. He has been involved in researching decentralised protocols and sharding since early 2017.
Sahil Dewan is a graduate of Harvard Business School, where he served as president of the blockchain and cryptocurrency organisation. He founded an ed-tech startup, and was also elected country president for AIESEC India, a youth leadership organisation siutated in more than 125 countries.
Roadmap
Harmony plan to build upon its foundations by introducing more partnerships in to their cross-chain ambitions. They also plan to expand their network compatibility by bridging other wallets and applications, and refine their user experience by optimising current interfaces and improving its infrastructure.
June - August 2019
The team launch the first protocol mainnet version. The native utility token, ONE, is running on Harmony's mainnet, with staking rewards available for a selected number of validators.
Harmony's mainnet release expanded the node count from 600 to 1,000. Pangaea is published, Harmony's incentivised testnet, with 56% of participants being first-time node oprators. Pase 1 released in Aug 2019, with the final stage, Phase 3 completed in May 2020.
2020 Q1
The network's token swap enables ONE holders to exchange their BEP2 or ERC-20 token for native Harmony ONE tokens.
The publiscaiton of open staking allowed staking rewards for all contributors and network participants.
2020 Q4
Cross-Chain Uniswap & Whitepaper, 2-Second Finality, Coinbase Rosetta Integration, Gitcoin Hackathon
2021 Q1
Ethereum Layer-2 Endpoints: Web3.js, MetaMask, Wallets. Trustless Bridge with Light Client, Fast State Sync
2021 Q2
Decentralized Voting Power, Binance Bridge, Domain Name, SushiSwap, NFT Marketplace, $10m Bounties & 10 DAO
2021 Q3-Q4
On-chain Wallet, NFT as Digital Identity, Bitcoin Bridge, 1-Second Finality, Cross-Chain API, On-Chain Governance
Where to Store Harmony (ONE)
If you plan on staking your ONE tokens to validators, you will be required to download and install Harmony’s own Chrome extension. Download it here and follow the website's official instructions to generate your wallet.
Trust Wallet is a mobile-app wallet only and supports Harmony's mainnet utility token ONE. This option is available on both Andoid and iOS and requires users to create and securely store their own recovery phrase.
Where to Buy & Sell Harmony (ONE)
You can Buy & Sell Harmony (ONE) by heading over to the Buy Coins page of our website. Harmony (ONE) is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying Harmony (ONE) has never been easier, simply place your order and provide your wallet address. Once your payment arrives Harmony (ONE) will be sent directly to your wallet. If you choose to Sell Harmony (ONE) you can send us the coins and receive a payment to your bank account. Details and valuation can be found on the ‘Sell Coins’ page.
Harmony (ONE) Resources
Website: https://www.harmony.one/
Block Explorer: https://explorer.harmony.one/
Twitter: https://twitter.com/harmonyprotocol
Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.